Signing of MoU with Hyundai Heavy Industries of Korea, world’s largest shipbuilding company and forming of a consortium with BHEL and MIDHANI have enhanced the brand value of Hindustan Shipyard Limited for foraying into construction of submarines. After joining hands with BHEL and MIDHANI, a high-level delegation, led by HSL Chairman and Managing Director Rear Admiral N.K. Mishra, visited Hyundai Shipyard in Korea and signed MoU for design and technical collaboration to execute future submarine projects in India.
The consortium also gives the much-needed financial stability to HSL, which suffered a lot since it was shifted from Ministry of Shipping to Defence in February 2010 in recognition of its strategic location and proven experience.
Incidentally, ever since the Centre took the in-principle decision to bring it under of MoD, a directive was issued not to accept any order for building merchant ships, thereby making it struggle hard for survival. Even after making it an MoD enterprise, the promise of awarding major orders on nomination basis was not fulfilled. Now the onus of placing submarine construction orders lies with MoD.
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Indian Chamber of Commerce in Korea chairman Partha Sharma, who was the local coordinator during the visit of HSL team to Korea, arranged several meetings with top officials of Hyundai. “Team from Hyundai earlier visited our yard to identify some requirements. By making some equipment by BHEL and availing technical cooperation from Hyundai, we will be ahead of others in the race to bag submarine orders,” Rear Admiral Mishra told